PARLIAMENTARY DEBATE
Private Investment: Local Leaders - 8 September 2026 (Commons/Commons Chamber)

My hon. Friends are right to ask these critical questions, and I agree with them that private investment is critical to delivering good growth in every postcode. The Prime Minister and the Chancellor have been clear that centralisation of power has led to too much of the country losing out on investment, leading to lower productivity and lower living standards for our constituents. The Chancellor set out yesterday his vision to shift power and resources so that they sit with local leaders, to enable long-term local investment and industrial strategies that will crowd in private investment.

Stoke and north Staffordshire is an industrial heartland known around the world for its prowess in ceramics. With the right support, its full economic potential can be unleashed. As an officer on the Labour Reindustrialisation Research Group, I am working with Stoke council on a reindustrialisation plan to ensure that Stoke and north Staffordshire make the fullest possible contribution to growth across the UK. Will the Minister commit the Treasury to working with us on a reindustrialisation plan to maximise our region’s expertise in advanced materials, defence and digital technology, so that we can all go forth and prosper?

I fully agree with my hon. Friend that going forth and prospering is a very good objective, and I look forward to working with her and the local businesses in her constituency that she has raised with me, including Mantec and Goodwin. There are some fantastic ceramics and advanced manufacturing businesses that we need to identify, and across the Treasury and No. 10 North, we will work with local leaders and parliamentarians to ensure that we can identify the right clusters in the right places to back and support.

Last month, Liverpool city region’s visitor economy reached £6.8 billion, and our productivity growth is currently running at four times the national average. The region has an incredibly exciting plan to redevelop Central station in the city centre and link it to Lime Street. It would be one of the most important growth stories and opportunities for the whole of the north of England, and it would drive billions in investment from the private sector. When the Minister visits us for the party conference, will he take a bit of time to meet Mayor Rotheram and the leader of the council, Liam Robinson, to see their exciting plans?

I am delighted to inform my hon. Friend that my conference calendar already includes a meeting with local leaders in Liverpool to talk about what we can do to back growth and investment in his city and region. I have been in conversations already with the mayor of the city region about the things that he wants to work on and focus on to boost economic growth, and that includes the Liverpool Central development.

Private investment in the steel industry in Northern Ireland is being curtailed by the Windsor framework, because it is forcing businesses in Upper Bann to pay 50% EU tariffs on category 4 and category 7 steel. How many jobs must be lost across Northern Ireland’s manufacturing sector before the Chancellor takes action on this crazy steel tariff situation?

The Government understand the challenges of the implementation of steel tariffs, but we have to ensure that we keep a foundational steel sector in the UK. That is critical for our national supply and our national security. The Government looked very carefully at ensuring that the tariffs were applied in the right way to protect downstream suppliers, and we will continue to engage with industry and with Members of Parliament on these important decisions.

Good growth in every postcode is a very catchy slogan, but it will mean nothing if it is not backed up with investment. Time and again, significant funding is announced for cities and urban areas, usually in the north, while the south-west is left with pennies in comparison. Yesterday, the Chancellor once again announced investment in the north with no mention of investment in the south-west. That might be due to political expediency—I could not possibly say—but what are the Government going to do specifically to encourage growth in the south-west?

The hon. Member raises an important point. We need to ensure that we see higher economic growth in every part of the country, and that includes the north, the east, the west and the south-west of England. We have many fantastic Members on both sides of the House who are working and advocating for their communities. We will ensure that we drive and deepen devolution in areas that do not yet have a mayor. The Prime Minister has discussed the need to ensure that those who do not want to have a mayor—he highlighted Cornwall—can have specific further devolution powers. One of the examples we are looking at not too far from the hon. Member’s constituency, I believe, is place-based business cases, so that we can unlock investment in particular parts of the country; one of the places that we are looking at in detail is Plymouth.